The New Clearwater Marina District

Clearwater: Florida’s Hidden Gem for Exceptional Living

Clearwater gains status as a quality place to live

Tens of thousands of people are moving to Florida every month, and Clearwater is getting more attention as one of the state’s great places to live.

Enjoy the Sands and Sun in Clearwater

Clearwater has always offered easy access to many of west Florida’s top beaches, such as Clearwater Beach and Caladesi Island. And there’s the proximity to cool areas nearby, like the downtowns of Dunedin and St. Petersburg, which have a wide range of distinctive, locally owned retail and restaurants.

The New Downtown Clearwater Scene

But now, Clearwater is creating its own scene as the new Imagine Clearwater project takes shape. With a new 4,000-seat amphitheater and engaging public spaces that will connect the Intracoastal Waterway to the heart of downtown, Imagine Clearwater promises to transform the city core.

Living in Clearwater is all about being outside, whether you’re heading from downtown to Clearwater Beach on the Clearwater Ferry, playing golf or tennis, or fishing at Pier 60 at Clearwater Beach. And one of the top ways to get to great spots like downtown Dunedin is on the Pinellas Trail, a walk/bike trail that runs through the heart of Pinellas County.

The Live-Work-Play Destination Coming to Clearwater

Coincidentally, the Pinellas Trail runs right by the site of the new Clearwater Marina District, a live-work-play destination being developed by Rodney Riley of RSR Capital Advisors. The new district, just north of downtown Clearwater, is being planned to feature a wide variety of things to do, whether it’s walking around the retail shops, riding a bike on the Pinellas Trail, or relaxing in one of the district’s public spaces.

The district’s first development will be a luxury condominium, which is expected to attract both new Floridians and people from around west-central Florida who want the waterfront condo lifestyle.

Dine, Play, and Cheer

There’s a wide variety of restaurants near the Clearwater Marina District, from standbys like Guppy’s on the Beach and Frenchy’s Rockaway Grill at Clearwater Beach, to the Rumba Island Bar & Grill just east of downtown Clearwater. And if you just want a good old-fashioned breakfast, Lenny’s Restaurant in downtown Clearwater is the ticket.

And as you think about things to do in Clearwater, don’t forget about the Clearwater Threshers, a fun minor-league baseball team that plays in BayCare Ballpark east of downtown. The Threshers are a Class A affiliate of the Philadelphia Phillies, who have come to Clearwater for spring training every year since 1947.

All in all, it’s no surprise that as people think about where to live in Florida, Clearwater is a bigger part of the conversation. The city’s increased vibrancy makes RSR excited and bullish about the prospects for the Clearwater Marina District.

2023 could be year downtown Clearwater begins long awaited transformation

The Clearwater Marina District is one of a number of exciting real estate developments happening in downtown Clearwater. After decades of discussion about redeveloping the area, Clearwater has made major headway in recent months that can change the trajectory of the city.

Read more from the Business Observer about the four major projects that are expected to bring restaurants, residences, offices and nightlife to the area, including the Clearwater Marina District.

Three Strategies for Developers to Consider in 2023

It’s certainly a challenging time for commercial real estate developers and builders, with interest rates continuing to rise while there are still project delays related to the supply chain.

That said, it’s important to consider the situation in context. This is the sixth economic downturn I’ve navigated in my real estate development career, and remember that while rates are higher today, the commercial real estate industry has successfully navigated similar rate environments in the past. Also, there are signs that supply chain challenges are easing a bit – one positive with a slowing economy.

As RSR Capital Advisors plans its first project in the new Clearwater Marina District, we are using a number of strategies that might be helpful for other builders and developers to consider. Here are three:

1. Wait as long as you can to make decisions related to purchasing that are inconsequential to a project’s timing. Right now, this approach is buying us some time to see if challenges related to borrowing costs and the supply chain ease a bit in the coming months.

2. As you look to make purchases for projects, it’s worth the trouble to dual source key products and materials. Evaluate data to understand how demand may change within geographic markets and asset classes, which could impact both availability and cost of certain products.

3. Planning has never been more important, because there is no such thing as just-in-time inventory these days. Make sure you aren’t forced into overpaying for a product because you didn’t properly plan ahead.

Certainly, there are reasons for optimism in 2023, but it’s clear that many in the industry are taking a cautious approach. As one indicator, the AIA’s Architecture Billings Index showed that architecture firms’ billings dropped in November, a surefire sign of a slowdown. But 63 percent of architecture firm leaders told the AIA in a related survey that they are optimistic that 2023 will be a good year for them.

As developers plan new projects, it’s important to remember that a quality location and the scarcity of a certain product type in a certain geographic area continue to be two surefire predictors of a successful project.

These are two reasons we continue to be bullish about our new luxury condominium project in the Clearwater Marina District, where we plan to break ground in 2023. The Marina District just north of downtown is prime for development, and there is not an oversupply of luxury condo units in north Pinellas County.

We can all hope for a relatively soft landing for the economy this coming year, particularly if the Fed continues to ease up on rate increases and the supply chain situation improves. And we are confident that this is a good time to start a new project in west-central Florida.

The state continues to draw thousands of new residents each month, and a business-friendly environment is also attracting more businesses to Florida. Then, add the appeal of the Clearwater area, and you get a number of positive factors that expect to help us as we mitigate potential challenges with our first project in the Marina District.